£4m funding package announced for Michelin
A £4M package safeguarding jobs and production at Stoke’s Michelin tyre plant has been announced by the Government today.
The £3.9m Grant for Business Investment (GBI), announced by Lord Mandelson, will support a project to extend Michelin’s current premises, install new equipment and modernise the production process.
The grant, supported by Advantage West Midlands, will enable the company to retread a new generation of Michelin Durable Technology (MDT) truck tyres and improve its existing processes.
West Midlands Minister Ian Austin said: “Today’s announcement is fantastic news for Stoke on Trent and a vote of confidence in the plant and the local workforce.
“It will help develop and sustain manufacturing skills in Stoke, and shows the Government is committed to manufacturing, ensuring that businesses and workers have the support and tools they need to compete and prosper.”
Mick Laverty, AWM chief executive, said: “Michelin is an international company at the forefront of excellence and innovation, with a strong commitment to training employees and involvement with the local community.
“We have a key role to play to support regional businesses with the finance they need for competitiveness and today’s announcement is great news for Michelin, for Stoke-on-Trent and for the manufacturing industry in the West Midlands region.”
Peter Marsh, Michelin plant manager, said he was delighted with the grant as it would secure the long term future of the site.
“We will be able to upgrade the factory to re-manufacture the latest generation of Michelin Durable Technologies truck and bus tyres, and so offer the customer products with even greater performance and economy in use,” he said.
The GBI grant, payable over five years, offers selective financial assistance to industry to encourage companies to invest in relatively deprived assisted areas.
The scheme also offers support for SMEs outside assisted areas. AWM funds grants in the West Midlands below £2m, while the Department for Business, Innovation and Skills provides funding for grants above that value.
